139
138
Annual Financial Statements
COMPANY
YEARS NOT INSPECTED BY TAX
AUTHORITIES
AIOLIKI EVOIAS DIAKOFTIS S.A., Maroussi, Athens
2010
AIOLIKI SIDIROKASTROU S.A., Maroussi, Athens
2010
HELLENIC SOLAR S.A., Maroussi Athens
2010
SPIDER S.A., Maroussi Athens
2010
GREENENERGY A.E.
2007-2010
MOVAL S.A.
1/7/2009-30/6/2010
PROTERGIA THERMOELECTRIC (EX ARGYRITIS GEA S.A.)
1/7/2009-30/6/2010
ANEMOSTRATA RENEWABLE ENERGY SOURCES S.A.
2008 - 2010
ANEMODRASI RENEWABLE ENERGY SOURCES S.A.
2009-2010
ANEMORAHI RENEWABLE ENERGY SOURCES S.A.
2009-2010
ANEMOSKALA RENEWABLE ENERGY SOURCES S.A.
2008 - 2010
KATAVATIS RENEWABLE ENERGY SOURCES S.A.
2009-2010
HORTEROU S.A.
2010
KISSAVOS DROSERI RAHI S.A.
2010
KISSAVOS PLAKA TRANI S.A.
2010
KISSAVOS FOTINI S.A.
2010
AETOVOUNI S.A.
2010
LOGGARIA S.A.
2010
IKAROS ANEMOS SA
2013
KERASOUDA SA
2013
AIOLIKI ARGOSTYLIAS SA
2013
M & M GAS Co S.A.
2010
J/V METKA-TERNA
2009-2013
KORINTHOS POWER S.A.
2010
KILKIS PALEON TRIETHNES S.A.
2010
ANEMOROE S.A.
2010
PROTERGIA ENERGY S.A.
2013
PROTERGIA THERMOELECTRIC AGHIOU NIKOLAOU S.A.
2013
SOLIEN ENERGY SA
2007-2011
OSTENITIS SA (former ALUMINIUM OF GREECE S.A.)
2010
INDUSTRIAL RESEARCH PROGRAMS ‘’BEAT’’, Halandri, Athens
2003-2013
THERMOREMA S.A., Moshato, Athens
2007-2013
FTHIOTIKI ENERGY S.A., Moshato, Athens
2003-2010
J/V ΑΤΕRMOΝ ΑΤΤΕΕ-ΕΚΜΕ S.A.-TMUCB SA-METKA S.A.
2010-2013
IONIA ENERGY S.A., Moshato, Athens
2010
ELECTRONWATT S.A., Moshato, Athens
2006-2013
BUSINESS ENERGY TRIZINIA S.A., Alimos, Athens
2007-2013
AIOLIKH TRIKORFON S.A.
2008-2013
MAKRYNOROS ENERGEIAKH S.A.
2008-2013
For the fiscal years that have not been inspected by the tax authorities
(as reported in the above table), there is a possibility of additional tax
imposition. Therefore the Group assesses, on an annual basis, the
contingent liabilities regarding additional taxes from tax inspections
in respect of prior years and makes relevant provisions where this is
deemed necessary. The Management assesses that apart from the
recorded provisions which as at 31.12.2014 amount to
€
2,4mil., any
tax differences that may arise in the future will not have a material
impact on the financial position, results and cash flows of the Group.
Starting with the year 2011 and in accordance with paragraph 5 of
Article 82 of Law 2238/1994, the Group companies whose financial
statements are audited by mandatory statutory auditor or audit firm,
under the provisions of Law 2190/1920, are subject to a tax audit by
statutory auditors or audit firms and re-
ceives annual Tax Compliance Certificate.
In order to consider that the fiscal year was
inspected by the tax authorities, must be
applied as specified in paragraph 1a of Ar-
ticle 6 of POL 1159/2011.
For the fiscal year 2012 and 2013, the
Group companies which were subject to
tax audit by statutory auditors or audit firm,
under para.5 Article 82 of Law 2238/1994,
received a Tax Compliance Certificate free
of disputes in 2013 and 2014 accordingly.
For fiscal year 2014, the tax audit which is
being carried out by the auditors are not expected to result in a
significant variation in tax liabilities incorporated in the financial
statements. To conclude with, tax audit for the Parent Compa-
ny Mytilineos S.A. is being carried out by the relevant financial
authorities, for the financial years 2007-2010.In the meanwhile,
for the parent company Mytilineos S.A and for the fiscal years
2007-2010 the tax audit is being carried out by the relevant au-
thorities of Ministry of Finance. The Company has adequate
provisions to offset against differences that may arise from said
tax audit of the years 2007-2010.
4.36.2 Other Contingent Assets & Liabilities
Note on Independent Power Transmission Operator S.A.
(ADMIE)
On 17.12.2014, Independent Power Transmission Operator S.A.
(IPTO or ADMIE) sent briefing notes to our subsidiary company,
Aluminium of Greece (henceforth the “Subsidiary”), requesting
the issuance of a credit invoice for the amount of
€
17.4m relat-
ing to the Excise Tax (ET) on Gas consumed at the Combined
Heat and Power (CHP) Plant for the period of 28/11/2012 until
31/10/2013 (henceforth the “Period”). Said ET was invoiced to
ADMIE during the aforementioned period, pursuant to its relat-
ed debit notes.
In relation to the above, we note the following:
- The CHP station is a dispatchable cogeneration unit, part of
which qualifies as highly efficient (High-Efficiency Combined
Heat and Power/ HE-CHP) under the Code’s provisions, but
also under the specific operational terms which were approved
by way of RAE’s Decision No. 700/2012 (as amended by Deci-
sion 341/2013).
- According to Article 197(2) of Law 4001/2011, from 1/9/2011
onwards, all HE-CHP stations, regardless of their installed ca-
pacity, gain priority for the allocation of their loads. In particular,
in accordance with Article 197(3) of the above Law, HE-CHP
stations with an installed capacity over 35MW are to be com-
pensated with the tariff which derives from the table displayed
in Law 3468/2006, plus the Natural Gas Clause Coefficient
(CC), which is calculated using the following formula: CC =
1+(AGP-26)/(100 x nel)
Where:
- AGP: the monthly mean average unitary selling price of natu-
ral gas to NG users in Greece who are also electricity custom-
ers, in
€
/MWh using the gross calorific value (GCV). This value
is determined by the Ministry of Environment, Energy and Cli-
mate Change’s Petroleum Policy Directorate and is communi-
cated to Hellenic Transmission System Operator S.A. (HTSO or
DESMIE) on a monthly basis.
- nel: the electrical efficiency of the provision for High-Efficiency
CHP based on the gross calorific value (GCV) of natural gas,
which is defined in accordance with the station’s technical infor-
mation, as reported by the relevant Operator.
The CC value cannot be lower than one (1) and is determined
on a case-by-case basis by way of a decision made by the
Minister of Environment, Energy and Climate Change (hence-
forth the “Ministerial Decision”) following
consultation by RAE. RAE’s opinion must
also take the plant’s installed capacity into
account, in a way so that the determined
value generally decreases as the capacity
increases.
Moreover, the AGP is displayed in
€
/MWh
and includes the ET, as specified in the
letter sent by the Ministry of Environment,
Energy and Climate Change’s Petroleum
Policy Directorate on 2/11/2011.
The High-Efficiency CHP station owned
by the subsidiary company Aluminium
of Greece has an installed capacity of
334MW, of which 134.6MW has priority in
entering the system (HE-CHP) in accord-
ance with the aforementioned decisions
which approved the Specific Operational
Terms. From 1/9/2011 until 31/10/2013
(which ADMIE set as the final date for
settling the ET), the CC value, as defined
above, had not been established because
the relevant decision had not been issued
by the Minister of Environment, Energy and
Climate Change, despite the fact that the
Regulatory Authority for Energy had is-
sued two relevant opinions in accordance
with the provisions of Article 197(2) of Law
4001/2011 (RAE 3/2012 and RAE 5/2013).
Consequently, the Subsidiary’s HE-CHP
neither issued invoices nor received a tariff
in accordance with the provisions of Law
4001/2011. Instead, following the signing of
a Private Agreement between the Subsidi-
ary and the Operator of Electricity Market
(LAGIE) on 26.4.2013, HE-CHP issued
temporary invoices, for the entire aforemen-
tioned period, at the minimum price which
could have resulted from the application of
the mathematical formula established by
Law 4001/2011 (if the CC value was set at
the unit price, i.e., if the AGP amounted to
26
€
/MWh). According to the Private Agree-
ment, the final settlement was to take place
following the establishment of the CC by
way of the issuance of the relevant Ministe-
rial Decision, so that dispatched HE-CHP
energy would be compensated in accord-
ance with the provisions of the “Supple-
mentary Agreement for Transactions re-
lating to Electricity from the Dispatchable
High-Efficiency CHP Station” (Government
Gazette B’ 3108/23.11.2012) which was
concluded between the Subsidiary and
LAGIE on 28.11.2012.
